IPO Watch Europe Q2 2017 - PwC

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IPO WatchEurope Q2 2017 15.6bnraised in Q2 2017(Q2 2016: 10.9bn, 43% increase)103 IPOsin Q2 2017 across Europe(Q2 2016: 95 IPOs, 8% increase) 215maverage offering value in Q2 2017, anincrease of 32% compared to 163m inQ2 2016 ZZZ SZF UX FDSLWDO PDUNHWV

2 IPO Watch Europe Q2 2017

ContentsEuropean IPO trends4Market volatility6Pricing of top 5 IPOs7European PE trends7The sector story8London focusOverview9Relative performance of London IPOs10Global perspective11Appendix12Contacts16Outlook for 2017“With a number of IPOs pricing towards the end of the second quarter, themarkets are proving resilient in the face of the forthcoming Brexitnegotiations. As a sign of confidence, London is still able to attract crossborder IPOs as proved by the IPOs of ADES International, Global Ports andDP Eurasia. Investors do remain selective, however, but after the expectedsummer IPO hiatus, we expect IPO activity across Europe in the second halfof the year to be relatively strong.”Mark HughesPartner, UK Capital Markets Leader at PwCIPO Watch Europe Q2 2017 3

European IPO trendsIrish Stock Exchange was largest in terms of values, supportedby its only IPO of AIB; Nasdaq Nordic was the most active interms of volume with 41 IPOs raising 1.6bnFigure 1: Top 3 stock exchanges in Europe in Q2 2017 (by offering value)Note: Excludes greenshoe. Average values have been calculated on total values excluding greenshoe, excluding listings raising less than 5m.“It is notable that even after the UK general election, investors are stillreasonably confident about the future for UK companies, which may explainwhy London is still seeing healthy IPO activity. The ability for companies toadapt to uncertainty and changing situations will be vital to their success inthese times. Our research also shows that UK companies need tocommunicate their cyber security strategy to ensure investors maintaintrust in them, particularly given recent cyber attacks in the UK andelsewhere.”Hilary EastmanHead of investor engagement at PwC4 IPO Watch Europe Q2 2017

European IPO trendsEuropean IPO values increased by 39% in H1 2017,whilst volumes only increased by 8% signalling thepresence of mega-IPOs*Figure 2: European H1 IPO activity since 2008**Value of IPOs ( 00105-200395013.711.10.5H1 2008H1 2009Volume of IPOs40H1 201016.83.28.633.731.114.420.0H1 2011H1 2012H1 2013H1 2014H1 2015H1 2016H1 2017-IPOsValue bnFigure 3: Quarterly European IPO activity since 2013146160Value of IPOs ( 10082524510395Volume of IPOs253.35.43.014.8 11.4 22.36.69.216.4 1Q2Q3Q4Q1Q22013Q1Q2Q2201620152014Value bn20-2017IPOs“The only story of the quarter is not the mega-IPO, but also the number of IPOs – 103 IPOs pricedin the quarter making it the most active since Q4 2015 which saw 105 IPOs. There has beenactivity across the continent with IPOs from traditionally active exchanges such as the LondonStock Exchange, Nasdaq Nordic and the Deutsche Börse, to less active exchanges such as theBorsa Istanbul and the Irish Stock Exchange. There has also been a good mix of sectors, althoughfinancials again contributed most in terms of values.”Lucy TarletonDirector, UK Capital Markets Group at PwC*Mega-IPOs are those raising in excess of 1bn**Excludes greenshoe.Note: Excludes IPOs on Borsa Istanbul, Zagreb Stock Exchange and Bucharest Stock Exchange pre 2011IPO Watch Europe Q2 2017 5

Market volatilityVolatility remains at consistently low levels. Europeanindices level off towards the end of the period after reachinghistoric highsFigure 4: Volatility tracked against IPO values 1bn IPOof DongEnergy8Money raised bn 1bn IPOs ofinnogy SEandConvaTec750 1bn IPOsof Allied IrishBank plc andALD SA 1bn IPOof GalenicaSante SepOctNovDecJanFeb2016Falling oil prices,Chinese economyslowdown andthreat of impendingbear marketMarAprMayJun2017Triggering ofArticle 50US presidentialelectionEU referendumin the UKUK GeneralelectionFigure 5: Historical performance of major market indices since January 2016% change since 1 Jan 201640%30%20%10%DAX 30FTSE 100CAC 40IBEX 350%-10%-20%-30%JanFebMarAprMaySource: Thomson Reuters as at 30 June 20176 IPO Watch Europe Q2 unVSTOXX50 index9

Pricing of top 5 IPOsA busy end to Q2 2017 as three of the top five IPOspriced in the final two weeks of the quarterFigure 6: Top 5 IPOs in Q2 2017Allied IrishBanks plcGalenica SanteAGALD SAExchangeIrish StockExchangeSIX SwissExchangeEuronext – ParisBME (SpanishExchange)Deutsche BörseIPO date23 June7 April16 June7 April30 June2,9861,5441,156870866Price range 3.90 - 4.90CHF31.00 CHF39.00 14.20 - 17.40 5.60 - 6.70 22.00 - 25.50Offer price 4.40CHF39.00 14.30 5.60 25.50Money raised ( m)GestampDelivery HeroAutomocion SA Holding GmbHEuropean PE trendsThe value of PE backed IPOs across Europe has fallen byalmost 50% when compared to Q2 2016Figure 7: Quarterly value and volume of European PE backed IPOs in Q1 since 6.42.73.0Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42014Value bn20162015201561.2Q1Volume of IPOsValue of IPOs ( bn)14103.4Q25-2017IPOsIPO Watch Europe Q2 2017 7

The sector storyFinancials continued to be the largest sector accounting for31% of H1 values raised due to the AIB IPOFigure 8: IPO value by sector*By offering value ( m)H1 2016Q1 2017Q2 2017H1 2017Variance vs ls2,7691,6903,7985,4882,719Consumer Services2,12843,2443,2481,120Consumer ,165Health Care340514404918578Oil & Gas11261227288176Basic ialsIndustrialsConsumer Services23 IPOs raised in Q2 201722 IPOs raised in Q2 2017 3.8bn*14 IPO raised in Q2 2017 5.2bn*Average IPO values**Average IPO values** 227m 147mLargest IPO:Largest IPO:Allied Irish BankplcALD SA 1.2bn 3.0bn*Excludes greenshoe** Average values have been calculated based on total values excluding greenshoe, excluding listings raising less than 5m8 IPO Watch Europe Q2 2017 3.2bn*Average IPO values** 271mLargest IPO:Galenica SanteAG 1.5bn

London focus – overviewLondon has shown it is able to attract cross-border IPOs withADES International from Dubai and Global Ports fromTurkey, both in the top five for the periodFigure 9: London IPO trends (by offering value)*H114 13.0bn10H117H116 3.8bn 2.7bn 6.8bnH1140.681.1-0.10.1 0.37.523.8H117H1163955445064H11586600.20.3 0.73.3 3.1 0.00.51.30.64.5 0.20.1 0.61.60.6 0.1 2.31.7 1.40.20.3Volume of IPOsValue of IPOs ( bn)H115Figure 10: London IPO trends (by volume)302010-Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 91497106395111513Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q22014201520162017MainAIMAIMFigure 11: Top 5 UK IPOs in Q2 2017IssuerValue ( m)*SectorMarketPE backedEddie Stobart Logistics PLC393IndustrialsAIMYesAlfa Financial Software Holdings PLC254TechnologyMainNoPRS REIT PLCADES International Holding LtdGlobal Ports Holding PLC250223154FinancialsOil & GasIndustrialsMainMainMainNoNoNoNote: Ranking in sterling may be different from ranking in Euros due to exchange rateFigure 12: London IPO value by sector*By offering value ( m)Q2 2016Q3 2016Q4 2016Q1 2017Q2 2017Financials269406181,574653Variance vs.Q2 9258--352223223Consumer Services284188--175(109)Consumer Goods11927235337(82)Oil & GasBasic Materials15--77(8)Health ,024UtilitiesTotal value ( m)*Excludes greenshoeIPO Watch Europe Q2 2017 9

London focus – relative performance ofLondon IPOsLondon IPOs performed well in Q2 2017 with 14 out of 24 IPOsout-performing the marketFigure 13: Share price performance of London IPOs relative to the FTSE all share index, from IPO to 30 June 2017 (%)-60%-40%-20%0%20%40%60%80%100%120%119Alpha FX Group PLC45Alfa Financial Software Holdings PLC13Ethernity Networks LtdK3 Capital Group PLC10Velocity Composites PLC10Jangada Mines PLC10SkinBioTherapeutics PLC9PRS Reit PLC8Grand Fortune High Grade Ltd7Jupiter Emerging & Frontier Income Trust PLC7PCGH ZDP PLC4Scotgems PLC4Downing Strategic Micro-Cap Investment Trust PLC3AEW UK Long Lease REIT PLC2Ten Entertainment Group PLC0FFI Holdings PLC0Phoenix Global Mining Ltd014companies haveoutperformedthe index7companies haveunderperformedthe index-2Eve Sleep PLCGlobal Ports Holding PLC-7DP Eurasia NV-8-10Spinnaker Opportunities PLC-13Eddie Stobart Logistics PLC-21ADES International Holding LtdIntegumen PLC140%Main MarketAIM-46Note: Threshold of 5m Relative performance based on the FTSE All Share Index for Main Market listed companies and FTSE AIM All Share index for AIM quotedcompaniesSource: Thomson Reuters as of 3o June 201710 IPO Watch Europe Q2 2017

Global perspectiveEurope hosted five of the top ten IPOs worldwide, with theIrish Stock Exchange’s Allied Irish Banks IPO being thelargestFigure 14: Global IPO activity*600475Value of IPOs ( 2703002002010010-500Volume of IPOs70Q1Q2Q3Q42014Q1Q2Q3Q4Q1Q22015EMEA ( bn)Q3Q4Q12016Americas ( bn)Asia Pacific ( bn)Q2-2017IPOsFigure 15: Top 10 global IPOs Q2 2017DateIssuerValue ( m)*ExchangeSectorJun-17Allied Irish Banks PLC2,986Irish Stock ExchangeFinanceMay-17Netmarble Games Corp2,176KoreaComputers & ElectronicsJun-17Altice USA Inc1,721NYSETelecommunicationsApr-17Galenica Sante AG1,544SIX SwissHealthcareMay-17Kinder Morgan Canada Ltd1,159TorontoOil & GasJun-171,156Euronext – ParisFinance924Hong KongFinanceMay-17ALD SAGuangzhou Rural CommercialBank Co LtdING Life Insurance Korea Ltd908KoreaInsuranceApr-17Gestamp Automocion SA870BMEAuto/TruckJun-17Delivery Hero Holding GmbH866Deutsche BörseConsumer ServicesJun-17* Excludes greenshoeSource: DealogicIPO Watch Europe Q2 2017 11

Appendix – IPOs by marketAppendix 1: European IPOs by marketStock exchangeTOTALIrish Stock ExchangeEuronextLondon Stock ExchangeNasdaq NordicBME (Spanish Exchange)SIX Swiss ExchangeDeutsche BörseOslo Børs & Oslo AxessWarsawBorsa ItalianaBorsa IstanbulBucharestPragueLuxembourgZagreb Stock ExchangeWiener BörseSofiaAthens Stock ExchangeBudapestTotalIPOsQ2 2016Q3 2016Q4 2016Q1 2017Q2 2017Value ( m)* IPOsValue ( m)* IPOsValue ( m)* IPOsValue ( m)* IPOsValue ( 1,04982154239026519215,590EU-REGULATEDIrish Stock Exchange (Main)EuronextBME (Spanish Exchange) (Main)SIX Swiss ExchangeLondon MainDeutsche Börse (Prime and General Standard)Oslo BørsWarsaw (Main)Borsa Italiana (Main)BucharestNasdaq Nordic (Main)PragueZagreb Stock ExchangeWiener BörseSofiaAthens Stock ExchangeBudapestEU-regulated DNasdaq Nordic (First North)London AIMBorsa IstanbulBorsa Italiana (AIM)Warsaw (NewConnect)Euronext (Alternext)BME (Spanish Exchange) (MAB)Luxembourg (MTF)Oslo AxessDeutsche Börse (Entry Standard)Bucharest (AeRO)Wiener Börsen (MTF)Irish Stock Exchange (ESM)SofiaExchange-regulated sub-totalEurope 1124312611031,527680265108241152,62015,59012 IPO Watch Europe Q2 2017* Excludes greenshoe

Appendix – Exchange activity by valueAppendix 2: IPO offering value by stock exchange*Stock exchange offering value ( m)Irish Stock ExchangeLondon Stock Exchange GroupLondon Stock ExchangeBorsa ItalianaEuronextEuronext AmsterdamEuronext ParisEuronext BrusselsEuronext LisbonNasdaq NordicNasdaq CopenhagenNasdaq StockholmNasdaq HelsinkiNasdaq IcelandNasdaq TallinnNasdaq RigaNasdaq VilniusBME (Spanish Exchange)SIX Swiss ExchangeDeutsche BörseOslo Børs & Oslo AxessWarsawBorsa IstanbulBucharest Stock ExchangePrague Stock ExchangeLuxembourgZagreb Stock ExchangeWiener BörseSofiaAthens Stock ExchangeBudapestTotalQ2 2016Q3 2016Q4 2016Q1 2017Q2 ,45815,590*Excludes greenshoeIPO Watch Europe Q2 2017 13

Appendix – Exchange activity by volumeAppendix 3: IPO volume by stock exchangeStock exchangeNasdaq NordicNasdaq CopenhagenNasdaq StockholmNasdaq HelsinkiNasdaq IcelandNasdaq TallinnNasdaq RigaNasdaq VilniusLondon Stock Exchange GroupLondon Stock ExchangeBorsa ItalianaEuronextEuronext AmsterdamEuronext ParisEuronext BrusselsEuronext LisbonWarsawBME (Spanish Exchange)Oslo Børs & Oslo AxessDeutsche BörseBorsa IstanbulSIX Swiss ExchangeBucharest Stock ExchangeIrish Stock ExchangePrague Stock ExchangeLuxembourgZagreb Stock ExchangeWiener BörseSofiaAthens Stock ExchangeBudapestTotal14 IPO Watch Europe Q2 2017Q2 2016Q3 2016Q4 2016Q1 2017Q2 6815264432221---1--95526853103-

About IPO Watch EuropeIPO Watch Europe surveys all new primary market equity IPOs on Europe’s principalstock markets and market segments (including exchanges in Austria, Belgium,Croatia, Denmark, France, Germany, Greece, the Netherlands, Ireland, Italy,Luxembourg, Norway, Poland, Portugal, Romania, Spain, Sweden, Switzerland,Turkey and the UK) on a quarterly basis. Movements between markets on the sameexchange are excluded.This survey was conducted between 1 April and 30 June 2017 and captures IPOsbased on their first trading date. All market data is sourced from the stock marketsthemselves and has not been independently verified by PricewaterhouseCoopers LLP.IPO Watch Europe Q2 2017 15

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IPO Watch Europe Q2 2017 ZZZ SZF UX FDSLWDO PDUNHWV . Head of investor engagement at PwC. Figure 1: Top 3 stock exchanges in Europe in Q2 2017 (by offering value) IPO Watch Europe Q2 2017 5. 3.3 5.4 3.0 14.8 11.4 22.3 6.6 9.2 16.4 14.7 4.6 21.7 3.5 10.9 3.8 9.6 4

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